AEG to Sell Lumberton Facility to Phoenix Investors LLC
March 31 2022 - 7:00AM
Active Energy Group (AIM:AEG), producer of CoalSwitch™, a new clean
energy pellet, announced it has entered into a sale and purchase
agreement with Phoenix Investors LLC for its Lumberton Site
(“Lumberton”) in North Carolina. Proceeds from the sale will be
used for the development of AEG’s Ashland, Maine commercial
production facility.
“AEG has a singular focus right now on accelerating
commercial production to meet the increasing interest in and demand
for CoalSwitch,” said Michael Rowan, CEO of Active Energy Group.
“We are completing engineering and design activities and have
initiated permitting for the Ashland Facility. Bringing that
facility online offers us not only the chance to produce and sell
CoalSwitch, but also to obtain the critical operational data that
will further demonstrate the fuel’s benefits and accelerate the
permitting process in other locations across the U.S.”
In February, independent testing of CoalSwitch
demonstrated that the fuel burns cleaner and produces fewer
pollutants than coal while outperforming other “white” pellets.
Earlier this month AEG achieved Chain of Custody (CoC) and
Controlled Wood certifications that are compliant with Forest
Stewardship Council® (FSC) standards for CoalSwitch. Both
achievements have resulted in increased interest in CoalSwitch as a
complementary renewable fuel to co-fire with coal from power
generation companies and other hard-to-decarbonize industries.
“We appreciate the support we have received from
the community and its leaders in Lumberton and Robeson County,”
said Rowan. “We still believe there is significant opportunity for
CoalSwitch in the region and look forward to future collaboration
with the state.”
Phoenix Investors is a commercial real estate firm
focused on the revitalization of former manufacturing facilities
throughout the United States. It aims to inspire and drive the
transformation and reinvigoration of the economic engines in the
communities which it serves. The Lumberton sale is subject to a
75-day due diligence and closing period, with closing of the
transaction and receipt of sale proceeds expected in June 2022.
About Active Energy Group:Active
Energy Group plc is a London listed (AIM: AEG) renewable energy
company that has developed a proprietary technology which
transforms waste biomass into renewable energy. Its patented
product CoalSwitch™ is a leading drop-in biomass feedstock that can
co-fire with coal or replace up to 100 percent of the coal in power
stations without requiring plant modification. The company is
developing commercial production facilities in Lumberton, North
Carolina and Ashland, Maine which will supply power and utility
customers, including the pilot program at PacifiCorp’s Hunter Power
Plant in Utah. More information is available at www.aegplc.com.
FSC License Code: FSC-C175386
Media Relations Contact
John Williams, Scoville PR for AEG
206-660-5503, jwilliams@scovillepr.com
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